USA hardware security modules market is expected to reach USD 1354.27 million by 2022

USA hardware security modules market is expected to reach USD 1354.27 million by 2022 Custom Research｜Research Report｜Management Consulting｜Seminar｜Database

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The market for USB-based/portable HSM is expected to grow at the highest CAGR of 22% between 2016 and 2022. The USBbased/portable HSMs are ideally suitable for offline situations where the HSM is stored in a physical safe when not in use, or where the HSM is required to be portable. USB-based HSMs enable organizations to provide high-assurance cryptographic solutions in a cost-effective way. Portability and USB connectivity make USB-based HSMs especially suitable for use with laptops, workstations, or desktops, resulting in the highest growth rate during the forecast period.

QYResearch The BFSI type application held the largest market size during the forecast period. The emergence of digital transactions, electronic payments, and the need to safeguard the most sensitive financial data results in the largest market share of the payment processing application. To keep systems and internal processes flexible and scalable, HSMs have been specially designed to meet the industry standards and regulatory requirement with respect to the payment processing, resulting in the high growth rate for payment processing application during the forecast period.

The West was the largest revenue market with a market share of 23.47% in 2012 and 24.27% in 2017 with an increase of 4.18%. Mid-Atlantic ranked the second market with the market share of 19.29% in 2016. Also, the MidAtlantic market for HSM is expected to be the market with the most promising growth rate. Rising per capita income of people in emerging economies has led to an increase in demand.

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With the increasing penetration of internet, adapting to information systems to ease various operational processes has become essential for organizations as well as individuals. The demand for USB-based or portable HSMs has been increasing owing to their suitability in offline situations, where the hardware security module can be stored in a safe place while not in use, or if the HSM needs to be portable. The features of USB-based hardware security modules, such as portability and USB connectivity, ensure its suitability with laptops, desktops, or workstations, in turn making USBbased HSM the fastest growing market among the various types. The emergence of electronic payments, digital transactions and the growing need to protect highly sensitive financial data from potential security threats has resulted in the largest share of payment processing application in the hardware security modules market.

QYResearch Hardware security modules are essentially required by organizations to protect customers trust in an increasingly digitized world, while ensuring full-proof protection against cybertheft and other forms of data thefts. Statistics have shown that a huge number of intrusions in information systems have been causing significant financial losses to companies, and hence restoring the system operation needs further investments and has time restraints. A potential demand for information security solutions provided by hardware security modules exists in a bid to overcome such challenges for organisations that employ high valued information systems. Some of the most securityconscious institutions globally have been using these hardware security modules to securely manage, process and store their cryptographic keys.

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